Samsung Capital has launched Korea's first cross-border securitization of auto loans by means of a conduit transaction, via arranger ING Barings. Credit Creator Ltd, a Cayman Islands special purpose vehicle, issued $187.5 million notes which are guaranteed by Financial Security Assurance (FSA).

The notes are secured by a $187.5 million credit-linked note (CLN) issued by ING Bank. The reference obligation for the CLNs is a $187.5 million auto loan-backed bond, issued by Credit Creator, a Korean limited-liability company.

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